Boosting Omanisation in Audit Teams: What It Means for Your Business Opportunities in Oman
Muscat: The Financial Services Authority (FSA) has directed all accounting and audit firms to ensure that at least 50% of the personnel in engagement teams working with government institutions, public authorities, and public joint stock companies are Omani nationals by January 2025.
Additionally, the FSA indicated that the Omanisation percentages sanctioned by the Ministry of Labour must also be reflected in the firms’ other teams.
Special Analysis by Omanet | Navigate Oman’s Market
The push for 50% Omanisation in accounting and audit firms servicing government entities signals a significant shift, emphasizing local talent development. This creates opportunities for skilled Omani professionals while posing challenges for firms to adapt their workforce strategies. Smart investors and entrepreneurs should focus on training and recruitment strategies to align with these emerging regulations, ensuring compliance and competitive advantage in a rapidly evolving landscape.
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